Friday, August 19, 2011

GOLD (XAU/USD) Intraday Technical Analysis - August 19, 2011

Gold approaches the upper limit of its medium-term bullish channel in 1860 suggesting a decline. However a break of these levels would free up significant potential and initiate a bullish trend more violent.

According to previous events, the market indicates a bearish opportunity on the levels of 1860 with a 1st objective of 1845, then 1840. A break in 1863 would invalidate this scenario.